Page 150 - RusRPTApr24

the Zabaikalye territory, as well as the Chukotka Autonomous District. The company also owns assets in Kyrgyzstan.
Russian gold miner Polymetal disclosed its IFRS financial results for 2023 on March 15. Despite the decline in gold sales (-1% y/y), the company's revenue (received in Russia and Kazakhstan) increased by 8% y/y to $3bn amid an increase in the average selling price of gold (+9% y/y), with 70% of the revenue came from Russian business. Cash costs (TCC) decreased 9% y/y to $861/oz. gold equivalent, mainly due to the weakening ruble, and were 9% below the lower end of the company's forecast. All-in-one cash costs (AISC) decreased 5% y/y to $1,276/oz. gold equivalent. Adjusted EBITDA increased 43% y/y to $1,458mn, broadly in line with consensus expectations ($1,439mn). Adjusted net income increased 40% y/y to $615mn. Free cash flow remained negative at -$131mn, largely due to working capital accumulation. The company reported that the Board of Directors considers the payment of dividends for 2023 to be inappropriate. Polymetal is expected to announce a new business development strategy and dividend policy in May.
According to Interfax, Alrosa and the Ministry of Finance of the Russian Federation entered into an agreement to buy back part of the diamonds produced by the company in 2024; the first batch of stones under the deal was purchased by Gokhran in March. The specific parameters of the deal are unknown. Previously, a similar support measure for the company was applied in 2008–2009, when Gokhran made a large purchase of Alrosa diamonds worth $1bn, and also in 2012, when the purchase volume amounted to $250mn. The source reports that previously Gokhran annually purchased diamonds worth $100 -200mn, this year transactions will be concluded for a larger volume, but they will not be as large-scale as in 2008-2009
9.2.12 Mines and Minerals - steel & iron 9.2.13 Mines and Minerals - fertilisers
The main buyers of Russian fertilizers last year were Brazil, India and the USA, writes RIA Novosti with reference to data from the UN Comtrade platform and open statistics, reports Vedomosti on March 21.
Brazil purchased 9.4mn tonnes for about $4bn. The country accounted for almost a third (30%) of all supplies of fertilizers from Russia, the agency notes. India increased imports in 2023 to 4.8mn tonnes after 3.6mn tonnes in 2022 and 1.1mn tonnes in 2021.
The United States also increased its purchases - last year, imports from Russia rose to 4.3mn tonnes after 2.5mn tonnes in 2022 and 3.8mn tonnes in 2021.
150 RUSSIA Country Report April 2024 www.intellinews.com